Hammond tells MPs governor will remain in post to ‘ensure continuity through what could be quite a turbulent period’
The governor of the Bank of England, Mark Carney, has agreed to continue in his post until the end of January 2020, the chancellor, Philip Hammond, has said.
A Treasury statement said the extension was agreed in an exchange of letters between the governor and Hammond. Sir Jon Cunliffe, the deputy governor with responsibility for financial stability, has also been re-appointed, it added.
In a statement released by the Treasury, Hammond said: “I can now announce to the house that I have been discussing with the governor his ability to be able to serve a little longer in post in order to ensure continuity through what could be quite a turbulent period for our economy in the early summer of 2019.
“I can tell the house today that the governor has agreed, despite various personal pressures to conclude his term in June, that he will continue until the end of January 2020 in order to help support continuity in our economy during this period.
“I’m delighted that the governor has agreed to stay in his role for a further seven months to support a smooth exit from the European Union and provide vital stability for our economy.”
The re-appointment is officially made by the Queen, on the advice of Hammond and the prime minister, Theresa May.
There had been weeks of speculation as to whether Carney, the former governor of Canada’s central bank, who took the Bank of England job in 2013, would agree to an extension of his term given the potential uncertainty over Brexit.